WEEKAHEAD FX: Naira gains on FX window, Black market as dollar liquidity rises on Offshore Inflows

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NIGERIA

The Nigerian naira is seen appreciating marginally both on the investors’ foreign exchange window and on the black market as dollar liquidity rises on the back of offshore inflows.

The naira gained to 364 to the dollar on the black market on Thursday compared with 365 last week. It was quoted at 366.79 per dollar for investors. On the official market window it traded at around 305.90 against the dollar.

The central bank has been injecting the U.S. currency into the market even as dollar liquidity swells with rising investor interest in Nigerian assets.